this post was submitted on 16 Jun 2024
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Under Biden, U.S. economic growth becomes the ‘envy of the world’ (www.msnbc.com)
submitted 3 months ago by mozz@mbin.grits.dev to c/usnews@beehaw.org
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[–] t3rmit3@beehaw.org 29 points 3 months ago* (last edited 3 months ago) (22 children)

Too bad prices are up 20% on average since 2020, and aren't coming back down. That the 2023-2024 inflation rate is only 3% doesn't matter when wages never caught up with the giant price jumps from the pandemic.

People are still hurting.

https://www.bankrate.com/banking/federal-reserve/latest-inflation-statistics/

Prices have risen 20.8% since the pandemic-induced recession began in February 2020, with just 6% of the nearly 400 items the Bureau of Labor Statistics tracks cheaper today.

That’s well above the historic average for a four-year period. For comparison, inflation rose 18.9 percent in the 2010s, 28.4 percent in the 2000s and 32.4 percent in the 1990s.

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